Millionaires in Ukraine: the number of officially rich has decreased threefold
18 March 16:57
ANALYSIS FROM 
According to the State Tax Service (STS) statistics, only 3,186 people declared incomes of more than UAH 1 million in January-February last year, totaling UAH 21.8 billion. However, compared to the previous year, the number of millionaires in the country has decreased by three times. Despite the fact that the most “fruitful” year for millionaires was 2023, when a record 12374 millionaires were registered. Where did the Ukrainian millionaires go, did they leave or go underground, we found out
Just over three thousand Ukrainians who declared more than UAH 1 million in income are a drop in the bucket. In fact, each of them accounts for an average of UAH 6.8 million. According to the State Tax Service, the concentration of the main millionaires is in Kyiv, Dnipro and Lviv regions. The youngest millionaire in Ukraine is 3.5 years old. His authorized representative declared income in the form of an inheritance or a gift from persons who are not close relatives. The oldest millionaire is 96 years old. She is a resident of Kyiv and declared income for 2024 from the sale of securities.
A year earlier, in 2023, 12374 Ukrainians filed million-dollar declarations. The number of millionaires has increased by 2863 people compared to 2022, when there were 9511 of them. But the sharp drop in the number of official millionaires can be explained by several important factors.
By the way, the statistics of millionaires over the past year also included millionaires. The income of OnlyFans models, whom he himself brought to light, or rather to taxes, did not escape the penetrating gaze of MP Danylo Hetmantsev. Among them is citizen C, who received more than $4 million for creating paid content on the OnlyFans Internet platform over several years. Also, citizen K, who received more than $3 million from this activity, and citizen B with about $1.8 million in income. As Hetmantsev reminded, foreign income must be declared and taxes paid on it.
Millionaires are not what they used to be
As noted in the commentary
“If the economy is falling, and it is growing only in the State Statistics Service, people get poorer, including millionaires. In addition, not all millionaires earned their money, because someone could sell property, receive an inheritance, or withdraw deposits. And this money was spent on food, which has risen in price. There were fewer ways to make money legally, and more expenses. So it is not surprising that we have fewer official millionaires,” emphasizes Yuriy Havrylechko.
The second nuance worth considering is that at the very beginning of the war, a million was about 40 thousand US dollars. Now a million is a little more than 23 thousand dollars. The difference in the dollar exchange rate is significant. At the same time, the level of average wages has remained almost at the pre-war level, so it is becoming more difficult to earn a million.
“The number of millionaires could also have decreased because they left or their capital is no longer working in Ukraine. And, judging by the plans of the Ministry of Finance, in the near future even more people and capital will work outside Ukraine. Increasing taxation has never contributed to economic development,” emphasizes Yuriy Havrylechko.
Shadow millionaires
But, in fact, today we have much more illegal, unaccounted-for millionaires than legal ones, says lawyer Serhiy Kozub. These include, first of all, individual entrepreneurs, the same IT specialists, most of whom receive at least $3 thousand a month. If you calculate for the year, even after deducting taxes, they have their own hryvnia million. And it is impossible to count how many private individuals have earned millions illegally by smuggling conscripts abroad, or by selling deferments from military service.
“The reality is that there are countless underground millionaires who have made millions. We don’t have to look far for examples. Let’s remember the head of the Khmelnytsky MSEK, who hid millions in all the nightstands in her house. Let’s think of bribe-taking military commissars or officials from various departments and carpets covered with banknotes. But at the same time, how many officials forget to include millions in their declarations, despite their rather modest salaries,” Sergii Kozub said in a commentary to the media.
According to the lawyer, given the level of work of anti-corruption bodies, there are a lot of shadow millionaires in our country. At least 100 times more than the officially registered ones. After all, today a million is a little more than 20 thousand dollars. In this situation, we should count not millionaires but billionaires.
According to Yuriy Havrylechko, the gap between the rich and the poor is enormous today. Ordinary Ukrainians are destitute, as they have to spend more than half of their minimum wage on food, even without taking into account other expenses.
“In Poland, the minimum wage is six times higher than in Ukraine. Prices for goods and services are either the same as in Ukraine or lower, but the taxation system is very similar to ours. In Ukraine, the minimum wage has not changed, as it was before the full-scale war, and has remained so to this day, but prices for goods and services were lower,” says Yuriy Havrylechko.
Experts emphasize that the dynamics show that the number of official millionaires in Ukraine will continue to decline, and this year will be the most significant. At the same time, the number of poor people will grow.
Author – Alla Dunina
